MANUFACTURING-

#1- Egypt + KSA to up cooperation on non-oil exports and cars: The Egyptian and Saudi export development authorities have inked an MoU to enhance cooperation between the two countries in increasing non-oil exports, according to a Trade Ministry statement. The agreement was accompanied by a separate MoU between software developer Valeo Egypt and Saudi National Industrial Development Center to develop the automotive industry. This came during a meeting between Industry and Trade Minister Ahmed Samir and his Saudi counterpart Bandar Alkhorayef, who began an official visit to Egypt on Saturday to discuss potential cooperation with the government and the private sector on industry and mining.

Industry + mining tops agenda for Alkhorayef-Madbouly talks: Alkhorayef also held a separate meeting with Prime Minister Moustafa Madbouly and Samir yesterday during which they discussed investment opportunities in the two countries’ industrial and mining sectors, according to a cabinet statement. Integration of supply and production chains were top of Madbouly’s list of areas for partnership, while Samir pinpointed integration in food and drug security industries and export promotion to African markets.

“Saudi investors have a desire to increase their investments in Egypt,” AlKhorayef said, adding “we see the tremendous efforts made by the Egyptian government to build an industrial base as well as facilitate the investment climate.” Petrochemical, automotive and medical device industries were all named as of interest to the Saudi ministry. The Industry Ministry is conducting a three-day visit to Egypt, during which they will visit industrial sites and hold meetings with the private sector.

#2- Indian firm sets up shop at Orascom’s Sokhna industrial zone: Indian manufacturer ABDOS will invest EGP 220 mn to set up a factory for manufacturing personal care products at Orascom Industrial Parks’ (OIP) Sokhna complex, OIP said in a statement yesterday.

SUEZ CANAL-

Traffic in the Suez Canal returns to normal after stranded tanker fixed: An oil tanker that broke down in a single-lane channel of the Suez Canal yesterday has been fixed and is no longer blocking the waterway, the Suez Canal Authority said.

REGULATION-

Cabinet unit for startups: Prime Minister Moustafa Madbouly has cleared the way for the establishment of a permanent cabinet unit that proposes policies, laws and regulations designed to support the growth of startup companies in Egypt, cabinet said yesterday. Led by the CEO of the General Authority for Investment and Freezones, the unit’s members will include representatives from relevant ministers, the Central Bank of Egypt, the Financial Regulatory Authority and the Micro, Small and Medium Enterprise Development Agency (MSMEDA).

M&A –

Bank ABC to exit Blom unit: Arab Banking Corporation (Bank ABC) is looking to exit its stake in Blom Egypt Investments, an informed source told Enterprise yesterday, confirming a story originally published in Al Shorouk. The Bahraini lender wants to sell its entire 49% stake in the Blom subsidiary, our source said, adding that Blom Securities Trading Company — which owns the remaining 51% of the firm — is looking to sell.

Remember: Bank ABC acquired the local unit of Lebanon’s Blom Bank two years ago for USD 424 mn.

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